Qingjian International (South Pacific) Group Development Co has been named the fastest-growing company in Singapore this year, given its whopping compounded annual growth rate of 642 per cent between 2012 and 2015.
Its pole position in the latest Fastest Growing 50 (FG50) Awards ranking reflects how much the corporate sector has changed over the past decade, said DP Information Group, which compiled the list.
Ten years ago, the bulk of the FG50 companies came from just two industries - wholesale trade and manufacturing, it said in a statement yesterday.
This year, these two industries contributed just 16 of the 50 fastest growing companies, compared with 34 a decade ago.
Instead, this year's FG50 winners come from a diverse range of industries, including services, infocommunications, property and transport.
DP Info chief operating officer Lincoln Teo said the changes are a positive trend: "The FG50 results do not mean wholesale and manufacturing companies are not growing. What it does show is more companies from other industries are growing faster right now.
"Having a range of companies from a variety of sectors achieving rapid growth means the Singapore economy is not overly dependent on any one sector and that multiple industries are contributing to the nation's growth."
The number of small and medium-sized enterprises that made the list has also risen, from eight last year to 13 - the highest number in the past five years.
DP Info identifies companies that achieved at least 10 per cent turnover growth every year for the past three years while remaining profitable each year. The qualifying companies are then ranked by their three-year compounded annual growth rate, with the top 50 receiving a FG50 Award.
Top company Qingjian, which originated in China, has completed numerous projects in Singapore, Myanmar and Indonesia. It is also developing the Singapore Chinese Cultural Centre in Shenton Way.
Ameropa Asia, a grain and fertiliser trader, came in second, followed by investment holding firm Lian Huat Group.
Ascendas Frasers, a joint venture between Frasers Centrepoint and Ascendas, was fourth and infocommunications firm Accel Systems & Technologies rounded off the top five.